Key HighlightsETH price slowly recovered and moved above the $130 and $132 resistances against the US Dollar.Yesterday’s major bearish trend line was breached with resistance at $132 on the hourly chart of ETH/USD (data feed via Kraken).The pair is likely to climb towards the $151 resistance level in the near term.
Ethereum price is showing positive signs against the US Dollar and bitcoin. ETH/USD is likely to correct further above $140 towards the $150 level.
Ethereum Price Analysis
After forming a decent support base around the $122 level, ETH price started a recovery against the US Dollar. The ETH/USD pair recovered above the $125 and $130 levels to move into a short term positive zone. Later, the price gained traction and moved above the $131-132 zone. Besides, there was a break above the 50% Fib retracement level of the last drop from the $146 swing high to $122 swing low.
More importantly, yesterday’s major bearish trend line was breached with resistance at $132 on the hourly chart of ETH/USD. The pair is currently placed nicely above the $132 level, with a bullish angle. If the price gains traction, it could surpass the $140 resistance. It represents the 76.4% Fib retracement level of the last drop from the $146 swing high to $122 swing low. Above $140, the next resistance is at $146 and the 100 hourly simple moving average. Finally, the main resistance is positioned near the $150-151 zone. It coincides with the 1.236 Fib extension level of the last drop from $146.
Looking at the chart, ETH price could correct further higher towards $140 and $150 in the near term. However, the $150-151 zone is likely to act as a strong barrier for buyers. On the downside, an initial support is at $130, below which the price may decline to $124.
Hourly MACD – The MACD is slowly moving in the bullish zone.
Hourly RSI – The RSI is currently placed nicely above the 50 level.
Major Support Level – $130
Major Resistance Level – $151